By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures gained traction on Monday morning, having come out of the overnight session with small upticks.
Pressure on canola came from losses in Chicago soyoil and European rapeseed, while gains in Chicago soybeans and soymeal provided support. Global crude oil prices eased back, weighing on vegetable oil values.
The Malaysian palm oil market was closed for Chinese New Year’s. The holiday could see reduced volumes of trading as well, as Chinese buyers are likely not to be as active.
However, traders rolling out of the March contract could still generate large volumes of activity.
The Canadian dollar was virtually unchanged on Monday morning with the loonie at 74.30 U.S. cents.
Approximately 8,800 contracts had traded by 8:41 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 593.10 up 4.70 May 600.40 up 3.40 Jul 605.70 up 3.10 Nov 605.50 up 3.40
